The exchange of goods or services for cash or credit is termed as trade. The values of the industries are given additional utilities through trade because it helps in the transfer of goods from the producer to the consumer. There are various types of trade. These classifications are:
Internal Trade: The purchase and the sale of goods within the national boundaries of a country is called internal trade.
image source: 0d47eeef2abf05521f71-1e80f65b3c6327b7cb4b0619fd21f75b.r59.cf2.rackcdn.com/4600B278-0B98-458A-AD31-B0F3F9C99393.jpg
External Trade: When the trade takes place between two countries, it is called external trade or foreign trade. Foreign trade may be an import trade, export trade or interpret trade.
ADVERTISEMENTS:
Wholesale Trade: When goods are purchased in large quantities from the producers and are sold at convenient lots to the retailers, it is called wholesale trade.
Retail Trade: When goods are sold in small quantities to the consumers, it is called retail trade.
Local Trade: When trade place within a particular place or locality, it is called retail trade.
State Trade: When the trade takes place within a provincial government or state, it is called state trade.